To survive these turbulent times a readiness to adapt and keep pace with the external environment is essential. Changeability - the ability to harness innovation - can decide a company's fate. By Michael Jarrett.

Bob Willumstad's reign as CEO of the insurance giant AIG lasted barely a few months. He was appointed in June 2008 and promised to have a turnaround plan by September.
Unfortunately, he never made it. His time at the helm was marked by a 98% fall in the share price, the company nearly going bust and a government bailout worth $170 billion at the end of 2008. It ended with Willumstad losing his job.

George Miles, who chaired the nomination and governance committee, thought that Willumstad was the right man to steer the firm through the turbulent market – how wrong they both were.

The new CEO Ed Liddy faces considerable challenges. What will make the difference to success or failure? How will he address the strategic challenges of managing during an economic downturn? Will he be able to survive these turbulent times even?

The answers to these questions rest in the ability of Ed Liddy – and any other leader and organisation - to be ready for change. The few people who are successfully navigating the current economic tsunami have one thing in common: 'changeability'.
This is the readiness to take on change and is key to both understanding and responding to it ahead of the pack. 

The complete article is available to download as a PDF. 

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